Figures reveal significant rise in number of card payments made by consumers

contactless cardData published by UK Finance has revealed that card spending totalled £57.1 billion in June – representing a 7% rise when compared to a year earlier.

1.4 billion card payments were made in June, which constitutes a 12% rise when compared to the same time last year.

Contactless payments accounted for 34% of all card transactions, the data found. Online payments constituted 13% of all transactions.

Spending in the retail sector rose by £19 million during June, to total £26.1 billion. Spending on food and drink increased to £10 billion in June.

Meanwhile, services sector spending rose by £138 million to reach £31 billion.

Richard Koch, Head of Cards at UK Finance, said: ‘Contactless payments accounted for a third of transactions in June, with consumers continuing to use their cards for lower value purchases.

‘While spending recorded a relatively modest monthly growth, the number of transactions rose at a faster rate with some 46 million card purchases made every day.’


Surge in online card payments sees UK dominate global spending

New data suggests consumer online shopping has risen by more than a quarter in two years, putting the UK at the top of global online spending.

According to a report by the UK Cards Association, UK online card spending totalled £154 billion in 2016 – up from £120 billion in 2014.

credit card

Furthermore, in 2015 the average UK household spent the equivalent of $5,900 (£4,611) online, which was more than any other country, including Norway ($5,400), the US ($4,500) and Australia ($4,000).

Online spending on entertainment, such as digital music, cinema and concert tickets, made up a significant proportion of online purchases, accounting for one in four online transactions, although the monetary value of these purchases was relatively low at just 7%.

Of the total amount monetary value spent online, the financial services industry enjoys the biggest share at 27%. This is thought to reflect the increasing popularity of renewing contracts such as insurance cover online.

Commenting on the findings, Richard Koch, Head of Policy at The UK Cards Association, said: ‘The internet enables millions of people to access services around the clock from wherever they are based. Payment cards have driven this revolution, providing an easy and secure way to shop online, whether it is to buy an app for your phone or a sofa for your living room.

‘Since the early days of internet shopping there has been a host of innovations, from digital wallets to one click purchases, which bring enhanced security, choice and convenience for customers and which will lead to continued growth in the sector,’ he added.

‘The additional protection provided when using a card also gives consumers extra peace of mind when they are shopping online’.